France Begins Ratification Process For European Budget Treaty

French President Hollande already meeting opposition from fellow socialists


France is kick starting the ratification of a European Union budget discipline pact that requires Euro zone countries to slash their public deficits in another step to overcome the debt crisis.

President Francois Hollande is seeking lawmakers' support for Europe's fiscal treaty on Wednesday as differences emerge over economic policy within his Socialist Party.

The pact was created by Hollande's predecessor Nicolas Sarkozy and 24 other EU leaders including Germany's Angela Merkel in March.

It will be put before the French parliament in early October.